Breaking: Supreme Court of India refuses to grant temporary stay against RBI’s cryptocurrency restriction

Today, on July 3rd, Supreme Court of India [SC] held the awaited hearing of Internet and Mobile Association of India v/s Reserve Bank of India [RBI]. As per the recent reports, SC has not granted a temporary stay and the effective date for banks to stop supporting cryptocurrency exchanges still stands the same, that is, July 5th, 2018.

It was reported that Subash Chandra Garg, Secretary, Department of Economic Affairs, has prepared a draft which is to be discussed with the Government’s committee and this draft is supposed to be in the “best interest of our country”.

It was reported earlier that the RBI has not made any serious effort to completely study and understand the nature, principles, and usage of cryptocurrencies before issuing the ban as no internal committee had been established to investigate the claimed risks associated with trading digital coins. The next hearing has been scheduled for July 20th.

Zebpay, on June 21st, had posted a notice regarding this case which said that they have approached the Supreme Court of India to challenge and has also directed the rupee holders. In case the rupee holders choose to place a withdrawal request, they shall try to return the rupee balance to bank accounts as soon as possible, so long as the banks support such withdrawal.

Now it’s up to the investors to decide. Their options are:

  1. HODL and wait for July 20th hearing
  2. Sell
  3. Transfer to other wallets or consider options that Indian exchanges are offering.

Crypto Kanoon, a platform that is proactively engaged in crypto regulatory analysis recently held a poll for the above options.

Crypto Kanoon's tweet | Source: Twitter

Crypto Kanoon’s tweet | Source: Twitter

Many Indian investors stated their options and perspectives on the same.

Shankar Kulkarni, an Indian investor and a Twitter user commented:

“We have P2P exchanges like @giottus in India, they will work even after ban. People are trading in p2p and having amazing experience.”

Achal, another Twitter user commented:

“Purchasing more when people panic sale on 5 july.”

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